topic Re: 2010 Credit Card Goals in Credit Cardshttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/1493828#M410605
I didn't take it that way.Sun, 15 Jul 2012 19:46:22 GMTWant2BDebtFreeNow2012-07-15T19:46:22Z2010 Credit Card Goalshttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/615520#M198536
<P>So before the year started I paid all my CC&nbsp;accounts to a nice (well not so nice)&nbsp;even $28,000.00. My goal is to reduce that number exactly by half by 12/31/2010. This means my goal will be to&nbsp;pay $14k in&nbsp;principle plus all finance charges that accrue.&nbsp;</P><P>&nbsp;</P><P>All payments for January have already been made&nbsp;and for February I plan on making the minimum payment&nbsp;to be able to take advantage the new law that takes effect in February with any extra payments other than minimum due goes to the highest interest rate. I have two cards that are affected by this.</P><P>&nbsp;</P><P>I am not going to worry about what my fico score is for 2010 as I don't plan on applying for anything.</P><P>&nbsp;</P><P>As of January 1st:</P><P>&nbsp;</P><P>Card # 1&nbsp;&nbsp; $9,250.00<BR />Card # 2&nbsp;&nbsp; $5,500.00<BR />Card # 3&nbsp;&nbsp; $4,000.00<BR />Card # 4&nbsp;&nbsp; $2,700.00<BR />Card # 5&nbsp;&nbsp; $2,400.00<BR />Card # 6&nbsp;&nbsp; $1,500.00<BR />Card # 7&nbsp;&nbsp; $1,250.00<BR />Card # 8&nbsp;&nbsp; $&nbsp; 500.00<BR />Debt # 9&nbsp;&nbsp; $2,400.00 (LOC)</P><P>&nbsp;</P><P>&nbsp;</P>Fri, 01 Jan 2010 20:06:47 GMThttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/615520#M198536Want2BDebtFreeNow2010-01-01T20:06:47ZRe: 2010 Credit Card Goalshttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/615530#M198544
<BLOCKQUOTE><HR />Want2BDebtFreeNow wrote:<BR /><P>So before the year started I paid all my CC&nbsp;accounts to a nice (well not so nice)&nbsp;even $28,000.00. My goal is to reduce that number exactly by half by 12/31/2010. This means my goal will be to&nbsp;pay $14k in&nbsp;principle plus all finance charges that accrue.&nbsp;</P><P>&nbsp;</P><P>All payments for January have already been made&nbsp;and for February I plan on making the minimum payment&nbsp;to be able to take advantage the new law that takes effect in February with any extra payments other than minimum due goes to the highest interest rate. I have two cards that are affected by this.</P><P>&nbsp;</P><P>I am not going to worry about what my fico score is for 2010 as I don't plan on applying for anything.</P><P>&nbsp;</P><P>As of January 1st:</P><P>&nbsp;</P><P>Card # 1&nbsp;&nbsp; $9,250.00<BR />Card # 2&nbsp;&nbsp; $5,500.00<BR />Card # 3&nbsp;&nbsp; $4,000.00<BR />Card # 4&nbsp;&nbsp; $2,700.00<BR />Card # 5&nbsp;&nbsp; $2,400.00<BR />Card # 6&nbsp;&nbsp; $1,500.00<BR />Card # 7&nbsp;&nbsp; $1,250.00<BR />Card # 8&nbsp;&nbsp; $&nbsp; 500.00<BR />Debt # 9&nbsp;&nbsp; $2,400.00 (LOC)</P><P>&nbsp;</P><P>&nbsp;</P><HR /></BLOCKQUOTE><P><FONT face="comic sans ms,sans-serif" size="4"><SPAN>I hope you reach your goals and do even better. I remember having balances like that. It's more like a nightmare than a memory. <img class="emoticon emoticon-smileyhappy" id="smileyhappy" src="http://fico.i.lithium.com/i/smilies/16x16_smiley-happy.gif" alt=":smileyhappy:" title="Smiley Happy" /></SPAN></FONT></P><P><FONT face="comic sans ms,sans-serif" size="4">&nbsp;</FONT></P><P><FONT face="comic sans ms,sans-serif" size="4">All the best to you in 2010.</FONT></P><P><FONT face="comic sans ms,sans-serif" size="4">&nbsp;</FONT></P><P><FONT face="comic sans ms,sans-serif" size="4">&nbsp;</FONT></P><P><FONT face="comic sans ms,sans-serif" size="4"><SPAN>From a BK years ago to:</SPAN><BR /><SPAN>7/09 TU-742 EQ- 779 </SPAN><BR /><SPAN>8/09 TU-765 EQ- 783</SPAN><BR /><SPAN>9/09 EX pulled by lender 802</SPAN><BR /><BR /><SPAN>You can do the same thing with hard work.</SPAN></FONT></P><DIV class="message-edit-history"><SPAN class="edit-author">Message Edited by marinevietvet on </SPAN><SPAN class="local-date">01-01-2010</SPAN><SPAN class="local-time"> 05:20 PM</SPAN></DIV>Fri, 01 Jan 2010 23:20:20 GMThttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/615530#M198544MarineVietVet2010-01-01T23:20:20ZRe: 2010 Credit Card Goalshttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/615534#M198546
My goal is just to not apply for any more credit cards. I always get suckered in to fancy rewards programs. The PenFed one is really all I need. Gotta let all those inquiries drop off this year.Fri, 01 Jan 2010 22:01:54 GMThttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/615534#M198546Cryostasis2010-01-01T22:01:54ZRe: 2010 Credit Card Goalshttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/615571#M198567
<BLOCKQUOTE><HR />marinevietvet wrote:<BR /><P><FONT face="comic sans ms,sans-serif" size="4"><SPAN>I hope you reach your goals and do even better. I remember having balances like that. It's more like a nightmare than a memory. <img class="emoticon emoticon-smileyhappy" id="smileyhappy" src="http://fico.i.lithium.com/i/smilies/16x16_smiley-happy.gif" alt=":smileyhappy:" title="Smiley Happy" /></SPAN></FONT></P><P><FONT face="comic sans ms,sans-serif" size="4">&nbsp;</FONT></P><P><FONT face="comic sans ms,sans-serif" size="4">All the best to you in 2010.</FONT></P><P><FONT face="comic sans ms,sans-serif" size="4">&nbsp;</FONT></P><P><FONT face="comic sans ms,sans-serif" size="4">&nbsp;</FONT></P><P><FONT face="comic sans ms,sans-serif" size="4"><SPAN>From a BK years ago to:</SPAN><BR /><SPAN>7/09 TU-742 EQ- 779 </SPAN><BR /><SPAN>8/09 TU-765 EQ- 783</SPAN><BR /><SPAN>9/09 EX pulled by lender 802</SPAN><BR /><BR /><SPAN>You can do the same thing with hard work.</SPAN></FONT></P><DIV class="message-edit-history"><SPAN class="edit-author">Message Edited by marinevietvet on </SPAN><SPAN class="local-date">01-01-2010</SPAN><SPAN class="local-time"> 05:20 PM</SPAN></DIV><HR /></BLOCKQUOTE><P>I agree that its a nightmare. I have no body to blame but myself :-)&nbsp; One month at a time. I will be posting my progress on this thread.</P>Sat, 02 Jan 2010 00:42:17 GMThttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/615571#M198567Want2BDebtFreeNow2010-01-02T00:42:17ZRe: 2010 Credit Card Goalshttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/615627#M198589
This is not exactly a credit card goal.&nbsp; But I may xfer my remaining car loan to a credit card.&nbsp; Anyway, my goal is to pay off my remaining $3700 car loan by April.&nbsp; After that, I will save that money for my relocation to S. Florida in August.&nbsp;&nbsp;Sat, 02 Jan 2010 04:25:53 GMThttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/615627#M198589DI2010-01-02T04:25:53ZRe: 2010 Credit Card Goalshttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/615667#M198607
A DMP program will reduce or even eliminate your interest rates and save you money and get you out of debt faster.Sat, 02 Jan 2010 14:01:06 GMThttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/615667#M198607marty562010-01-02T14:01:06ZRe: 2010 Credit Card Goalshttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/615669#M198608
<BLOCKQUOTE><HR />marty56 wrote:<BR />A DMP program will reduce or even eliminate your interest rates and save you money and get you out of debt faster.<HR /></BLOCKQUOTE><P>&nbsp;</P>I have both Quicken and MS Money. The only problem is that they don't take into consideration when you have multiple aprs within one credit card. I am going to take care of those balances first (in&nbsp;feb)&nbsp;and then follow the plan based on APR.Sat, 02 Jan 2010 14:28:49 GMThttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/615669#M198608Want2BDebtFreeNow2010-01-02T14:28:49ZRe: 2010 Credit Card Goalshttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/615675#M198613
<BLOCKQUOTE><HR />Want2BDebtFreeNow wrote:<BR /><BLOCKQUOTE><HR />marty56 wrote:<BR />A <FONT color="#ff0000">DMP</FONT> program will reduce or even eliminate your interest rates and save you money and get you out of debt faster.<HR /></BLOCKQUOTE>I have both Quicken and MS Money. The only problem is that they don't take into consideration when you have multiple aprs within one credit card. I am going to take care of those balances first (in&nbsp;feb)&nbsp;and then follow the plan based on APR.<HR /></BLOCKQUOTE><P>Not that kind of program. A <U>D</U>ebt <U>M</U>anagement <U>P</U>rogram. (And not a Debt Settlement Program!)</P><P>&nbsp;</P><P>Most of my CC's already have the new payment application provisions in place. Make sure you understand the T&amp;C's for your accounts and avoid making minimum payments while carrying a large debt load. Your issuers <EM>are</EM> paying attention to what you're doing!</P>Sat, 02 Jan 2010 15:01:16 GMThttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/615675#M198613creditwherecreditisdue2010-01-02T15:01:16ZRe: 2010 Credit Card Goalshttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/615683#M198618
<BLOCKQUOTE><HR />creditwherecreditisdue wrote:<BR /><BLOCKQUOTE><HR />Want2BDebtFreeNow wrote:<BR /><BLOCKQUOTE><HR />marty56 wrote:<BR />A <FONT color="#ff0000">DMP</FONT> program will reduce or even eliminate your interest rates and save you money and get you out of debt faster.<HR /></BLOCKQUOTE>I have both Quicken and MS Money. The only problem is that they don't take into consideration when you have multiple aprs within one credit card. I am going to take care of those balances first (in&nbsp;feb)&nbsp;and then follow the plan based on APR.<HR /></BLOCKQUOTE><P>Not that kind of program. A <U>D</U>ebt <U>M</U>anagement <U>P</U>rogram. (And not a Debt Settlement Program!)</P><P>&nbsp;</P><P>Most of my CC's already have the new payment application provisions in place. Make sure you understand the T&amp;C's for your accounts and avoid making minimum payments while carrying a large debt load. Your issuers <EM>are</EM> paying attention to what you're doing!</P><HR /></BLOCKQUOTE><P>I am going to pay my bills the old fashion way, I charge I pay. I knew the terms and conditions going in.&nbsp; It might take me 4 to 5 months longer to pay, but I will have paid every cent that I owe.&nbsp; In regards to my T&amp;C... At this point I don't care what the credit cards do. If they want to close my accounts because I am paying the minimum then that is up to them. Eventually I will only need 1 or 2 credit cards anyway.&nbsp; About a year ago, the month after I made a $5k to&nbsp;BofA to bring my balance to&nbsp;$0 they closed my account.&nbsp;&nbsp;To me its&nbsp;a lose lose&nbsp;situation with CC companies.&nbsp;</P>Sat, 02 Jan 2010 15:37:56 GMThttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/615683#M198618Want2BDebtFreeNow2010-01-02T15:37:56ZRe: 2010 Credit Card Goalshttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/615691#M198622
just keep paying, just keep paying...Sat, 02 Jan 2010 16:00:15 GMThttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/615691#M198622kyobakes2010-01-02T16:00:15ZRe: 2010 Credit Card Goalshttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/615759#M198658
My goal is the same as last year and that is to continue watching over my credit garden and keeping the <SPAN>Voles, mice and rabbits out</SPAN>(INQ's). I have no INQ'S on TU and EQ but 12 on EX but will be down to 2 in june.Sat, 02 Jan 2010 19:40:08 GMThttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/615759#M198658l9ikjam2010-01-02T19:40:08ZRe: 2010 Credit Card Goalshttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/615763#M198660
<BLOCKQUOTE><HR />l9ikjam wrote:<BR />My goal is the same as last year and that is to continue watching over my credit garden and keeping the <SPAN>Voles, mice and rabbits out</SPAN>(INQ's). I have no INQ'S on TU and EQ but 12 on EX but will be down to 2 in june.<HR /></BLOCKQUOTE><P>&nbsp;</P><P>I don't know what to call mine... I think a tornado passed by and I never replanted.&nbsp; Lets see how this year treats me!&nbsp;</P><P>&nbsp;</P><P>I know I can I know I can I know I can...........</P>Sat, 02 Jan 2010 19:57:53 GMThttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/615763#M198660Want2BDebtFreeNow2010-01-02T19:57:53ZRe: 2010 Credit Card Goalshttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/615774#M198667
<P>For those seeking to get out of CC debt, a proven way to do so is to use the Debt Snowball approach where you pay minimum payments on all but the card with the minimum balance and pay extra on it till it is PIF.&nbsp; Then you attack the next smallest balance and so on.&nbsp; This method is FICO friendly and as you see each card PIF in turn, you get more momentum to keep going.</P><P>&nbsp;</P><P>If you want to make a major purhcase and have to revolve a balance, a 0% store card is the way to go.&nbsp; If one is not available, set youself a date&nbsp;when you expect it to be PIF and treat it as an installment loan.&nbsp; A good time frame to PIF a major purchase is 6 months to a year that way.</P>Sat, 02 Jan 2010 21:08:34 GMThttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/615774#M198667marty562010-01-02T21:08:34ZRe: 2010 Credit Card Goalshttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/634938#M204771
<BLOCKQUOTE><P>Jan 1st #</P><P>&nbsp;</P><P>Card # 1&nbsp;&nbsp; $9,250.00<BR />Card # 2&nbsp;&nbsp; $5,500.00<BR />Card # 3&nbsp;&nbsp; $4,000.00<BR />Card # 4&nbsp;&nbsp; $2,700.00<BR />Card # 5&nbsp;&nbsp; $2,400.00<BR />Card # 6&nbsp;&nbsp; $1,500.00<BR />Card # 7&nbsp;&nbsp; $1,250.00<BR />Card # 8&nbsp;&nbsp; $&nbsp; 500.00<BR />Debt # 9&nbsp;&nbsp; $2,400.00 (LOC)</P><P>TTL:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29,500</P><P>&nbsp;</P><P>&nbsp;</P><HR /></BLOCKQUOTE><P>Current #'s</P><P>&nbsp;</P><BLOCKQUOTE><P>Card # 1&nbsp;&nbsp; $9,145.44<BR />Card # 2&nbsp;&nbsp; $5,445.86<BR />Card # 3&nbsp;&nbsp; $3,982.51</P><P>Card # 4&nbsp;&nbsp; $2,687.99<BR />Card # 5&nbsp;&nbsp; $2,925.19<BR />Card # 6&nbsp;&nbsp; $1,806.65</P><P>Card # 7&nbsp;&nbsp; $1,200.00<BR />Card # 8&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<BR />Debt # 9&nbsp;&nbsp; $1,674.81(LOC)</P><P>TTL&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28,868.45</P><P>Net Decrease: 631.55</P><P>&nbsp;</P><P>Not much progress in the last month, waiting for the new CC law to take effect to start paying more than the minimum on two cc's that have different interest rates.&nbsp;&nbsp; For some reason score fluctuated from 712 to 668 back up to 700 within 2 weeks.&nbsp; Baby steps.</P></BLOCKQUOTE>Sun, 14 Feb 2010 03:11:10 GMThttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/634938#M204771Want2BDebtFreeNow2010-02-14T03:11:10ZRe: 2010 Credit Card Goalshttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/634973#M204779
<P>Go go Card #7!&nbsp;&nbsp; @ $1,200 it shouldn't be that tough of a nut to crack.</P><P>&nbsp;</P><P>&nbsp;</P><P>Trust me... $0.00 is a wonderful number!&nbsp; I live $0 every day <img class="emoticon emoticon-smileyhappy" id="smileyhappy" src="http://fico.i.lithium.com/i/smilies/16x16_smiley-happy.gif" alt=":smileyhappy:" title="Smiley Happy" /></P>Sun, 14 Feb 2010 05:20:10 GMThttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/634973#M204779PhillyGuy2152010-02-14T05:20:10ZRe: 2010 Credit Card Goalshttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/635038#M204794
<BLOCKQUOTE><HR />PhillyGuy215 wrote:<BR /><P>Go go Card #7!&nbsp;&nbsp; @ $1,200 it shouldn't be that tough of a nut to crack.</P><P>&nbsp;</P><P>&nbsp;</P><P>Trust me... $0.00 is a wonderful number!&nbsp; I live $0 every day <img class="emoticon emoticon-smileyhappy" id="smileyhappy" src="http://fico.i.lithium.com/i/smilies/16x16_smiley-happy.gif" alt=":smileyhappy:" title="Smiley Happy" /></P><HR /></BLOCKQUOTE><P>&nbsp;</P>Actually&nbsp; the next card will be debt #9 the LOC - Should be paid off before the end of the month, Credit Card #7 will be clost to last since its the Best Buy Card and it has a 0% interest.Sun, 14 Feb 2010 13:14:52 GMThttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/635038#M204794Want2BDebtFreeNow2010-02-14T13:14:52ZRe: 2010 Credit Card Goalshttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/635040#M204796
Then GO, GO, Debt #9, LOC!!! <img class="emoticon emoticon-smileyhappy" id="smileyhappy" src="http://fico.i.lithium.com/i/smilies/16x16_smiley-happy.gif" alt=":smileyhappy:" title="Smiley Happy" />Sun, 14 Feb 2010 13:21:46 GMThttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/635040#M204796LilMirth2010-02-14T13:21:46ZRe: 2010 Credit Card Goalshttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/635045#M204797
<BLOCKQUOTE><HR />DI wrote:<BR />This is not exactly a credit card goal.&nbsp; But I may xfer my remaining car loan to a credit card.&nbsp; Anyway, my goal is to pay off my remaining $3700 car loan by April.&nbsp; After that, I will save that money for my relocation to S. Florida in August.&nbsp;&nbsp;<HR /></BLOCKQUOTE><P>Goal accomplished!&nbsp; Paid off car loan 1/28.&nbsp;</P>Sun, 14 Feb 2010 13:39:46 GMThttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/635045#M204797DI2010-02-14T13:39:46ZRe: 2010 Credit Card Goalshttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/635047#M204798
<BLOCKQUOTE><HR />DI wrote:<BR /><BLOCKQUOTE><HR />DI wrote:<BR />This is not exactly a credit card goal.&nbsp; But I may xfer my remaining car loan to a credit card.&nbsp; Anyway, my goal is to pay off my remaining $3700 car loan by April.&nbsp; After that, I will save that money for my relocation to S. Florida in August.&nbsp;&nbsp;<HR /></BLOCKQUOTE><P>Goal accomplished!&nbsp; Paid off car loan 1/28.&nbsp;</P><HR /></BLOCKQUOTE><P>&nbsp;</P>Yay! Congrats!Sun, 14 Feb 2010 13:41:46 GMThttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/635047#M204798Want2BDebtFreeNow2010-02-14T13:41:46ZRe: 2010 Credit Card Goalshttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/635107#M204809
<BLOCKQUOTE><HR />Want2BDebtFreeNow wrote:<BR /><BLOCKQUOTE><HR />PhillyGuy215 wrote:<BR /><P>Go go Card #7!&nbsp;&nbsp; @ $1,200 it shouldn't be that tough of a nut to crack.</P><P>&nbsp;</P><P>&nbsp;</P><P>Trust me... $0.00 is a wonderful number!&nbsp; I live $0 every day <img class="emoticon emoticon-smileyhappy" id="smileyhappy" src="http://fico.i.lithium.com/i/smilies/16x16_smiley-happy.gif" alt=":smileyhappy:" title="Smiley Happy" /></P><HR /></BLOCKQUOTE><P>&nbsp;</P>Actually&nbsp; the next card will be debt #9 the LOC - Should be paid off before the end of the month, Credit Card #7 will be clost to last since its the Best Buy Card and it has a 0% interest.<HR /></BLOCKQUOTE><P>I'm guessing that means you're paying off higher interst rates before lower interst rates?&nbsp; That's a great way to go. It's still snowball, but you save yourself money and pay off your debt faster than if you pay the smaller balances with lower interest rates first. &nbsp;</P><P>&nbsp;</P><P>I understand why people recomend that method, as there's a psychological boost when you pay a credit card off, which can help you stay focused on the other debts.&nbsp; But when I had over $28,000 in credit card debt, I snowballed via the higher interest rates first.&nbsp; I paid my debt off faster, and saved myself money.&nbsp;</P><P>&nbsp;</P><P>Good Luck and I feel that when paying off high debt if you stay focused on the fact that the amount owed is getting smaller and smaller, it's not so overwhelming. &nbsp;</P>Sun, 14 Feb 2010 16:16:39 GMThttp://ficoforums.myfico.com/t5/Credit-Cards/2010-Credit-Card-Goals/m-p/635107#M204809woopah2010-02-14T16:16:39Z